Healthcare IT Market: Benefits of Secure and Better Management of Healthcare Data to Bolster Uptake

The increasing focus of healthcare systems toward the delivery of quality patient care and at affordable cost has resulted in the adoption of IT in the healthcare sector. The growing initiatives of healthcare payers and providers to get timely access to healthcare data and with ease are key factors driving the evolution of the market. A new report penned by Transparency Market Research (TMR), titled “Healthcare IT (Provider and Payer) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023”, offers an elaborate assessment of such factors and more affecting the market dynamics. The research study offers in-depth insights into notable trends, emerging business models for payers and providers, technological advances, and competitive landscape in major regions.

The study highlights recent changes in regulatory framework in various regions expected to favorably impact the healthcare IT market. The report analyzes recent developments in patient management systems and evaluates their impact on the adoption of various healthcare IT solutions. The surging need for better patient data management and the secure exchange of healthcare information among payers, providers, patients, and governments are the key factors driving the healthcare IT market.

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The growing imperative among various healthcare stakeholders to create value for patients by adopting advanced patient monitoring systems has fueled the market. The extensive adoption of electronic health records (EHRs), hospital information system, and e-prescribing systems in various developing and developed regions is expected to catalyze the healthcare IT market. The application of these systems leads to significant benefits such as elimination of billing errors, decline in healthcare cost, and improvement in healthcare productivity.

However, the increasing complexity and fragmented nature of the healthcare sector has widened the gap between healthcare providers and payers, which is likely to impede the market to some extent. Nevertheless, the increasing initiatives of healthcare providers to close this gap and the advent of disruptive technologies such as cloud computing technologies is expected to create exciting opportunities for market players.

The growing popularity of healthcare enterprise data warehouse (EDW) is further expected to boost the market. The pressing demand among payers and providers to comply with various regulatory reforms has accentuated the market growth. For instance, the mandatory requirement to adhere to Health Insurance Portability and Accountability Act (HIPPA) in developed regions while exchanging patient data is expected to people the demand for healthcare IT solutions.

North America is a prominent market for healthcare IT. The significant growth of the regional market is attributed to robust government initiatives, substantial funding, and the growing demand for delivering value for patients. On the other hand, Asia Pacific is expected to grow at an impressive pace through the forecast period and will present lucrative growth avenues for market players. The growth is driven by the increasing digitization of healthcare services and constant initiatives to streamline workflows across healthcare institutions.

Major companies vying for a sustained share in the healthcare IT market include athenahealth, Inc., The Hewlett-Packard Company, Carestream Health, Inc., Cerner Corporation, Siemens Healthineers, Healthcare Information System LLC, McKesson Corporation, Koninklijke Philips N.V., Epic Systems, and GE Healthcare.

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Name: Rohit Bhisey
Organization: Transparency Market Research